The state visit to Vietnam of President of the US Joe Biden, along with the upgrade of the Vietnam-US relations to the Comprehensive Strategic Partnership for Peace, Cooperation, and Sustainable Development, shows that this is the right time for the two countries to work together to realize the set goals and plans.

Overview of the US – Vietnam Innovation and Investment Summit.

On this occasion, many billion-dollar deals were signed. In the aviation sector, Vietnam Airlines and Boeing signed a memorandum of understanding to buy 50 Boeing 737 Max aircraft for 10 billion USD; Vietjet and Carlyle Group signed a memorandum of understanding over an aircraft fund worth 550 million USD.

In the field of banking and finance, the US International Development Finance Corporation (DFC) and two Vietnamese commercial banks, inked commitment letters on bilateral loans worth 300 million USD and 100 million USD, to help strengthen banks’ capital base.

As for domestic businesses, FPT corporation has announced its comprehensive strategic partnership with Landing AI, a computer vision platform and AI software company in Silicon Valley, to boost AI adoption at FPT Education.

With continuous investments, the corporation expects to create more than 3,000 jobs by 2028 and generate revenues of 1 billion USD in the US market by 2030.

Previously, in March 2023, more than 50 leading US businesses such as Apple, Microsoft, Boeing, Meta, and Google came to Vietnam to explore investment and business opportunities, with a focus on cooperation in the fields of digital economy, creative economy and green energy transition.

As of August 20, 2023, the US has 1,286 valid investment projects in Vietnam, with a total registered capital of more than 11.7 billion USD, ranking 11th in the list of 143 countries and territories with investments in Vietnam. This result is considered not commensurate with the potential for cooperation between the two countries. In the coming period, Vietnam will give priority to attracting investment projects in the green economy, the digital economy, the circular economy and the knowledge-based economy.

Accordingly, priority is given to high technology, electronics, the semiconductor industry, innovation, renewable energy, new energy (hydrogen), financial centre development, modern trade in services, infrastructure development, and research and development. These are also the fields the US is strong in.

To turn opportunities into reality and welcome high-quality investment from the US, Vietnam needs to focus on solving problems that are causing difficulties in attracting FDI capital such as: Focusing on promoting procedural administrative reform, simplifying work permit requirements; visa policy for investors; improving the quality of human resources and infrastructure; ensuring predictability, and stability of mechanisms and policies.

Bac Giang accelerates public investment disbursement

BAC GIANG - By August, Bac Giang's public investment disbursement rate had been lower than the national average. To speed up the progress, the province is focusing on synchronously implementing solutions with a view to disbursing all allocated capital this year.

IFC commits nearly $1.9B in Vietnam investment

The International Finance Corporation (IFC), a unit of the World Bank, has committed to investing nearly $1.9 billion in Vietnam through the 2023 financial year.

ASEAN increases investment cooperation

With ASEAN set to see a brighter investment outlook post-Covid-19, further facilitation of a more competitive investment environment spurred on by regional free trade agreements is helping Vietnam to woo more funding from the bloc and its partner countries.

PM delivers speech at ASEAN Business and Investment Summit

The Association of Southeast Asian Nations (ASEAN) is fully capable of affirming its position as a polar in a multipolar world as well as its centrality in the regional cooperation and architecture, Vietnamese Prime Minister Pham Minh Chinh said at the ASEAN Business and Investment Summit in Jakarta, Indonesia, on September 4.

Bac Giang strives to soon put public investment projects into operation

BAC GIANG - Chairman of the People's Committee of Bac Giang province Le Anh Duong on August 29 led a delegation to inspect the implementation of a number of projects invested by the provincial Management Board of Civil and Industrial Engineering Construction Investment Projects.

Source: NDO